|By Marketwired .||
|April 28, 2014 01:03 PM EDT||
THUNDER BAY, ONTARIO -- (Marketwired) -- 04/28/14 -- Family Memorials Inc. (TSX VENTURE: FAM) (the "Corporation") announces that it has made an application to the Ontario Securities Commission to approve a temporary management cease trade order ("MCTO") under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), which, if granted, will prohibit trading in securities of the Corporation by certain insiders of the Corporation, whether direct or indirect. If approved, it is anticipated that the MCTO will be issued effective May 1, 2014. The Corporation is unable to file its audited annual financial statements, management's discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for year ended December 31, 2013 (the "Required Filings") before the April 30, 2014 filing deadline (the "Filing Deadline").
As a result of the acquisition of a company by the Corporation late in the fiscal year of the Corporation, the preparation of the consolidated financial statements of the Corporation has been delayed and accordingly the Corporation will not be able to meet the Filing Deadline.
The Corporation anticipates that it will be a position to remedy the default by filing the Required Filings by May 30, 2014. The MCTO will be in effect until the Required Filings are filed.
The Corporation intends to satisfy the provisions of the alternative information guidelines set out in sections 4.3 and 4.4 of NP 12-203 so long as the Required Filings are outstanding.
The Corporation has not taken any steps towards any insolvency proceeding and the Corporation has no material information to release to the public.
About Family Memorials
The Corporation is a Canadian public company operating in the death care industry retailing monuments and memorials through wholly owned subsidiaries and with agency and sales agreements with funeral homes. The Corporation currently trades on the TSX venture exchange under the symbol "FAM".
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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